This invention relates generally to methods and systems for generating a transaction lifecycle for a payment transaction involving a payment card, and more specifically, to computer-implemented methods and systems for generating a transaction lifecycle for use in disputing a transaction.
Managing transaction card disputes is a manually-intensive process that requires precise and accurate management of supporting documents. High fees, complex rules, costly resources, and sizeable write-offs make the dispute management operation of any financial institution a resource-intensive and costly process. The economic and operational burden on retail banking operations can be substantial for a card issuer processing a dispute on behalf of a cardholder, and an acquiring bank on behalf of a merchant. Transaction data associated with different stages of the transaction is typically stored in separate databases operated by the payment card network used for processing the disputed transaction. During a dispute, issuers and acquirers often have to contact numerous services to obtain the transaction data for each of the different stages.
As the number of consumers using transaction cards and other electronic payment options increases, along with the increasing number of merchants accepting these types of payments, dispute transaction volumes have also grown. With such a growth in claim volume and an increasing availability of choices of payment products and services, an unresolved or mishandled dispute could drive a cardholder or merchant to take their business to a competitor, resulting in lost business.